The seeds of the next housing crisis have been planted

Re:The seeds of the next housing crisis have been planted by louprado on Monday May 09, 2016 @09:22PM (#11664614)

While not mentioned in this article, perhaps real estate agents are also insisting that buyers bid over the asking price thereby inflating prices.

Last week I was told by my first buyer agent he would not write my offer despite being 3% ABOVE the asking price for property that listed that day. I then called the listing agent for the same property who insisted she wouldn't write my offer unless I offered 25% above the listing price. We eventually negotiated to 10% above as my first offer. There are only 10 offers on the property so it isn't as if they were flooded with buyers.

Is anyone else finding your own buyer agent or even the listing agent refusing to write an offer if it isn't well over the asking price ?

Note I am in the SF Bay Area.

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Re:The seeds of the next housing crisis have been planted by bagels on Tuesday May 10, 2016 @02:20AM (#11665464)

If there are 10 offers on the first day of listing, you're wasting everyone's time including your own, by not offering above asking, as the offer simply would not be competitive against the other 9.

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